Home News ‘Yellowstone’ boom pits lifetime Montana residents against wealthy newcomers

‘Yellowstone’ boom pits lifetime Montana residents against wealthy newcomers

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“Yellowstone” has become one of the most popular streaming shows. Filmed in western locations, many of which are in Montana. The screenplayed drama is the story of the modern rancher John Dutton and his family dynasty, played by Kevin Costner.

Storylines are delicious and fascinating, with betrayals and family plots, high-stakes powerplay, and dramatic plot twists, but cinematography is a key element of fascination. Spectacular views, snow-capped mountains and charming little towns are captured throughout the episode.

Still, ask native Montanan what you think of the show. Then you will come across frowns and criticisms.

Ginger Rice, a lifelong resident of the state, said he had only seen one episode at first and vowed not to watch the series.

“It’s unrealistic,” she said. “As far as I am concerned, the life of Boseman and Montana is not depicted.”

Still, Rice, who admits that the show eventually captivated her, also recognizes that the show makes her hometown attractive to viewers.

According to the production itself, it has a significant economic impact on the state. study According to the University of Montana. When Season 4 was filmed last year, production costs in the state were $ 72 million, and businesses in the state received an additional $ 85 million in financial backing.The study was partially funded by ParamountOwn the show.

The study did not quantify the impact of all free advertising that Montana gets from “Yellowstone.” But the fictional John Dutton and his fictional vast ranch gave the rich city of Slicker an idea of ​​what it would be like to be a real baron in the wild west. it is clear.

A still image of the Paramount Network television series Yellowstone set in Montana.

Courtesy: Paramount Network.

“There is an influx of wealthy individuals of all kinds looking for a ranch,” said Robert Keith, founder of a boutique investment company. Beartooth group, Told CNBC. “They are trying to own a really amazing big property.”

As demand for land and housing soars, prices follow suit.

Around Boseman, the median cost of single-family homes has skyrocketed from less than $ 500,000 before the pandemic to nearly $ 750,000. Gallatin Real Estate Agents Association..Surrounding area Missoula When Kalispell An even more dramatic price increase was seen. Rents are so high that even working professionals have a hard time finding affordable homes. And some landlords seeking higher rents haven’t renewed their rental contracts with their tenants.

Huge demand for big sky

The Big Sky Country population boom has been around for years. Montana, 8th smallest state By population, currently 1.1 million people.. From 2010 to 2020, the state grew 9.6%, according to the US Census Bureau.

Then came Covid and remote work. In 2021, Montana became one of the fastest growing places in the United States. US Census Bureau.

“During the pandemic, many clients came out and found a shelter on the ranch. It’s a safe place and there are no people around,” said Boseman’s longtime ranch broker, Hall & Hall. Says his partner Tim Murphy.

Last year, Chris Kimbrel, who lived in Georgia, joined a major migration to Montana for his work as a Boseman veterinarian. From his first visit at the age of nine, he said he was obsessed with the state and continued his return journey for fly fishing at college.

However, he carefully considered the soaring cost of living.

Home Prices Soar in Montana: Bozeman’s Community Over 55.

Contessa Brewer | CNBC

“If I didn’t have a family to live in his property, I would have to really think hard about moving here,” Kimbrel said. “Rents and housing are very expensive,” he added, as his veterinary clinic support staff are priced from housing.

Rice, a lifetime resident of Montana, said his daughter and son-in-law recently noticed that the landlord would not renew the debt of a three-bedroom home that he had rented for more than a decade. Even finding a two-bedroom apartment for three times the rent they were paying was crazy scrambling, she said.

“My daughter says we can never afford a house,” she said. “We tried to save, but everything is going up.”

Some families are moving to motorhomes and tents, even if they are employed full-time. Local roads are now littered with camper vans who can’t afford to rent or own a home. Human habitat We call it the housing crisis. “Montana soon became inaccessible to the people living and working here,” said a nonprofit organization urging lawmakers to prioritize affordable housing.

Fly fishing and designer jeans

Long-time residents have also criticized the cultural gap between newcomers and long-time Montanan. They frown on newcomers buying real estate, but refuse to join and commit to their community.

“I loved the fact that you knew your neighbor. We still know our neighbor, but we aren’t really friends with our neighbor,” Rice said. Told.

She quietly complains that Boseman is crammed with luxuriously dressed “Haifa Rutin people” and feels uncomfortable around her. And she says downtown is almost unrecognizable.

“I don’t like how busy it is. I don’t like traffic, and it’s too expensive,” she said.

A longtime resident told CNBC that changes were also evident in Mizula and Kalispell. They say that outsiders are always in a hurry with their unrealistic demands and are too noisy. In his previous job at a dry cleaner, Rice said customers insisted on removing paint splatters from designer jeans. “What were they drawing with those pants anyway?” She wondered.

The “Yellowstone” effect reminds residents of another cultural clash that developed when Hollywood painted Montana in the movie “River Runs Through It.” Directed by Robert Redford and starring an up-and-coming movie star named Brad Pitt, the film was filmed on location in 1991 and released in 1992. Won the Best Cinematography of the Academic Award.

“At that point, fly fishing was all the rage, because a large number of people wanted to buy fly fishing properties in the area,” said ranch broker Murphy.

As a result, the fly fishing industry grew 60% in both 1991 and 1992. Forbes..

He said he was seeing a surge again, even if uncertainty clouded the economy. “If the stock market becomes unstable and turmoil occurs, the land market is fairly stable and will only stimulate the market,” he said.

Many new entrants arrive with deep pockets and entrepreneurship that stimulate Montana’s growing economy. Governor Greg Gianforte’s office said that in May the state economy grew 6.7% in 2021, the fastest pace in more than 40 years. The 7th fastest growing state economy in the country..

Home prices in Montana soar: Beartooth Group founder Robert Keith repairs damaged land and sells restored ranches to nature maintenance-minded buyers

Contessa Brewer | CNBC

The Beartooth Group is betting that investors want heritage as well as financial rewards. The company specializes in the restoration and sale of devastated land such as old mines, feedlots and ranches.

Keith, the founder of Beartooth, showed CNBC a stream restored to a winding waterway that was perfect for trout. Many generations ago, it was ditched for use in agricultural purposes. But now the fish draw birds. Ospreys were found to nest and parents were seen feeding their children.

According to Keith, this is the kind of property that appeals to prospective buyers who have an idea of ​​Montana’s wild space. They want to see deer, bears and butterflies.

“I think we can all agree that we don’t have enough money for conservation,” he said. Wealthy and conservation-minded buyers often make more investments in land restoration after owning real estate. He said the Beartooth pitch was unique. “By doing something good for the world, we make it more economically and environmentally valuable.”

The state also wants to bring former residents back to Big Sky with a marketing campaign. “Homecoming Montana.. “

“No matter how far away, it’s time to return to the countryside of Montana,” says the campaign. “Accept the life you really want to live.”

However, if you want to live there, please bring your checkbook. Former residents will find that the condition of their hometown is much more expensive than when they left.

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